South Korea and Britain's post Brexit deal

South Korea and Britain's post Brexit deal

South Korea and Britain's post Brexit deal

South Korea and Britain reached an agreement on Monday to maintain their current free trade agreement even after the "no deal" Brexit, with Seoul becoming a major non-EU member economy to seal such a deal as it braces for the fallout from the divorce.

South Korea will also explore other possible scenarios and prepare for them, including a no-deal Brexit.

The settlement is roughly in accordance to the phrases of the existing Korea-EU FTA.

And how detailed the outlined South Korea-UK deal - described as a "joint statement" in the British communique - is, remains unclear.

Last year, the trade relationship between the United Kingdom and South Korea was worth US$18.5 billion and has increased by an average of 12% per year since the EU-Korea FTA was signed in 2011, according to a communique from the UK's Seoul embassy.

Yoo said that the deal is significant as it eased uncertainties sparked by Brexit, with exporters already facing challenges triggered by the escalating trade dispute between Washington and Beijing.

South Korea - Asia's fourth greatest economic system - is a world chief in electronics, steel and auto industry.

Both countries aim to ratify the deal by the end of October, and implement it in November.

Britain is Korea's second-largest trade partner in the European Union, and trade between the two totaled 14-point-five trillion won a year ago.

The UK is pushing to strike agreements with its trading partners as the Brexit deadline looms.

The UK is South Korea's second biggest trade partner in Europe after Germany.

These represent 11% of the UK's total worldwide trade.

Since June 2016, agreements similar to the one concluded with South Korea have been signed with Norway, Iceland, Switzerland, and Chile.

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